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CBN targets top bankers in forex manipulation investigation

The Central Bank of Nigeria is watching closely the activities of top officials of commercial banks allegedly involved in illegal foreign exchange transactions.

It was learnt that the illegal forex activities of some top bank officials were frustrating the CBN’s efforts aimed at converging the official and parallel market rates of the naira.

This, industry sources said, were being carried out through some insider-related forex dealings.

According to findings by our correspondent, some top bank officials who own Bureau De Change outfits are using the outlets to frustrate the central bank’s policies aimed at increasing forex supply into the forex market.

It was further learnt that aside this, top commercial bankers were involved in other illegal forex practices.

While the investigation is still ongoing, it was learnt that the apex bank management was determined to wield the big stick against culprits caught in any sharp practice.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, could not be reached for immediate comment.

Calls made to his line were not responded to.

Okorafor had, however, said the central bank was ready to deal with any operator found to have violated the regulator’s extant guidelines.

The CBN spokesman had last week said the regulator was monitoring bankers over the SME forex window.

He vowed that the bank would take necessary action and apply sanctions on errant institutions, where necessary.


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